LPL Financial Holdings Inc. $LPLA Shares Purchased by DAVENPORT & Co LLC

DAVENPORT & Co LLC boosted its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 8.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 2,075 shares of the financial services provider’s stock after purchasing an additional 157 shares during the period. DAVENPORT & Co LLC’s holdings in LPL Financial were worth $778,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in LPL Financial by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider’s stock valued at $2,411,956,000 after purchasing an additional 154,200 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in LPL Financial by 0.8% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,681,617 shares of the financial services provider’s stock valued at $877,264,000 after purchasing an additional 20,881 shares during the last quarter. Dodge & Cox increased its holdings in LPL Financial by 224.1% in the 1st quarter. Dodge & Cox now owns 1,523,460 shares of the financial services provider’s stock valued at $498,385,000 after purchasing an additional 1,053,351 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in LPL Financial by 35.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider’s stock valued at $495,964,000 after purchasing an additional 400,352 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in LPL Financial by 8.8% in the 1st quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider’s stock valued at $426,846,000 after purchasing an additional 105,665 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

Insiders Place Their Bets

In related news, Director Aneri Jambusaria sold 80 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the sale, the director directly owned 5,582 shares of the company’s stock, valued at $2,016,497.50. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Greg Gates sold 750 shares of the business’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $314.42, for a total transaction of $235,815.00. Following the completion of the sale, the director directly owned 16,870 shares of the company’s stock, valued at approximately $5,304,265.40. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,830 shares of company stock valued at $1,333,105. 1.30% of the stock is owned by corporate insiders.

LPL Financial Stock Performance

Shares of LPLA stock opened at $315.24 on Friday. LPL Financial Holdings Inc. has a 12 month low of $242.94 and a 12 month high of $403.58. The company has a market cap of $25.22 billion, a P/E ratio of 21.56, a PEG ratio of 0.74 and a beta of 0.61. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41. The firm has a fifty day moving average price of $347.31 and a 200 day moving average price of $353.26.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, beating analysts’ consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same period in the previous year, the company earned $3.88 earnings per share. LPL Financial’s quarterly revenue was up 30.8% compared to the same quarter last year. Sell-side analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 0.4%. LPL Financial’s payout ratio is 8.21%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Saturday, June 14th. JMP Securities boosted their price target on shares of LPL Financial from $440.00 to $455.00 and gave the stock a “market outperform” rating in a research note on Thursday. BMO Capital Markets assumed coverage on shares of LPL Financial in a research note on Friday, October 3rd. They issued an “outperform” rating and a $365.00 price target for the company. Citigroup restated an “outperform” rating on shares of LPL Financial in a research note on Thursday. Finally, UBS Group set a $455.00 price target on shares of LPL Financial in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $395.85.

LPL Financial Company Profile

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.